Trilantic Capital Partners has exited its stake in TLP Energy, selling its assets to PE-backed NFR Energy. NFR will acquire the upstream and midstream assets for approximately $655 million. TLP's assets consist primarily of oil and gas production and leases in the Texas Panhandle and Oklahoma. The company targets several hydrocarbon reservoirs, including the Cleveland Sands and the Granite Wash plays. Trilantic led the formation of TLP in autumn 2011, providing the majority of the $350 million platform investment alongside First Reserve. NFR, the acquiring company, is backed by First Reserve and Nabors Industries.